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Post by me on May 4, 2006 20:32:00 GMT -5
are credit cards that hard to come by in Canada? when i was working, i got offers several times a week from banks trying to get me to use their credit card. they still come in the mail once or twice a month, and i'm long term unemployed! [more junk mail, but it must be shred to keep my credit clean. identity theft is a big problem in America!] they can purchase online with their atm card (they use chips whereas we're not there yet) which we can't (well we cna't in canada as far as i can tell).
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Post by Eagle on May 4, 2006 23:53:39 GMT -5
David, I've never found that credit cards are hard to get in Canada. Most financial institutions have their own and will quite readily make these available to their clients (provided they have a reasonably good credit history). Those are separate of course from the department store, oil company and other credit cards. I used to have a fairly large number of various credit cards but have pared this down to just a few, as keeping track of all the balances was a considerable amount of work and a real pain at times!
Like you I also get offers in the mail quite frequently from credit card companies (AmEx, Capital One, etc.). So far the terms and interest rates have not been in the least competitive with the cards I have now, so the offers usually end up in the Shredder (we have Identity Theft here in Canada too).
Cheers!!!
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Post by WillTravel on May 5, 2006 0:49:58 GMT -5
I don't see any problem getting credit cards. However, the freebies offered to sign up are not so enticing as they are in the states, nor do we seem to get such great benefits. I've read about some US offers which give 15000 Continental miles to sign up, or 5% cash back, or something else that sounds pretty good, and that just isn't available here. I do sign up for whatever no-fee card I can if it offers benefits. For example, I just got a Starwood MasterCard. This will give me 5000 points for free on my first purchase. So I got a coffee, and now I will pay that off, and probably never use that card again. Similarly, I had a VISA which offered me 2500 Aeroplan (Air Canada) miles on my first purchase. Again, one purchase, and don't use it again. I do use the President's Choice MasterCard for as much as I possibly can to get the 1% cashback (or it effectively works out to that, because you can use the points at the grocery store I always shop at). I always pay it off each month, or there would be no benefit at all. But I know Americans get better deals, and so I'm jealous!
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Post by MuvverRussia on May 5, 2006 4:04:42 GMT -5
Yeah, the two main debit card companies are Maestro (owned by Mastercard) and Visa (this isn't to be confused with the visa credit card though). If it's got these logos on it then it should theoretically work. That said, I wouldn't generally rely upon it. The times I've used my debit card abroad to make a purchase I haven't been charged a fee. However UK banking is very different to Canadian/US in terms of fee structure (far fewer fees in the UK), so there may be a charge. As for credit card offers, they're a nuisance. As a student with a relatively low annual income the last thing I want is more debt - straight into the shredder they go . In terms of signing up offers, over here they're pretty much a gimmick. Sure, you may get a free mobile phone, free flights etc, but in the long run you'll be paying for it through an exorbitant interest rate (Capital One are notoriously bad for this). Best bet is to shop around and find a decent rate imo.
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Post by WillTravel on May 5, 2006 4:38:03 GMT -5
If you pay the cards off every month, then no need to worry about the rate. Definitely if you are not paying them off every month, these "free" incentives will not pay off.
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Post by me on May 5, 2006 15:26:50 GMT -5
frankly, i can't imagine running a balance, ie, credit card debt. as much press as "credit card debt" gets, i'm sure there are folks who do it. it just seems crazy to pay those rates.
i really don't like the fact that American culture looks down on the virtue of deferred gratification. but, i guess it's not just America. seems to be common to modern Western culture.
what ever happened to the idea that adults can wait? isn't that a sign of maturity? sigh.
[now i'm getting myself going about "adult" & "mature." i despise the fact that these perfectly good words have come to mean "porn" to much of the world. a singer/songwriter i know, who became a mother after her career was well under way, often does two kinds of shows: an afternoon show for kids, and an evening show for adults. but, she can't call it "an adult show." people would expect her to perform nude! so, she calls the evening show a "big kids show!"]
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Twizzla
Full Travel Member
Posts: 37
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Post by Twizzla on May 7, 2006 19:18:51 GMT -5
I'm not so sure what the story is with credit cards up there, but I only use my credit card (visa) on travels. If you credit it up with your own money, you're not paying a $5 fee each time you withdraw cash from an ATM. I keep my eftpos card (what you'd refer to as a debit card I'd imagine) as an emergency backup if my CC gets stolen.
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Post by euroman2006 on May 18, 2006 13:13:54 GMT -5
Another question or two.
1) In the US, we can use a debit card to charge directly to the bank account at restruants or groceries, etc. Is this feasable in Europe? CAN you do? And is it wise because of extra fees or anything?
2) In case of emergency, can I use my credit card as a debit card with ATM machines? I don't really understand FAQ at the top about putting money in credit card account.. I didn't know that existed. Can I just withdraw money (at the same exchange/fee rate as an ATM card) from credit line and repay at the end of the month to the credit company?
3) Do you guys carry a few dollars (maybe 20 pounds 30 euros) in a wallet during the day to keep from having to reach into your pants to get your pouch out? I figured I could do this but not carry much money in case it gets stolen.
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Post by Eagle on May 18, 2006 13:56:52 GMT -5
euroman2006, I'm not thoroughly familiar with the way things work in the U.S., but I'll try and answer your questions:
1.) I suspect that you may have trouble using a "normal" Bank Debit Card in Europe, however if you have a Debit Card with the MasterCard or Visa logo, this should work fine. To give you an example, I'm not able to use my regular Credit Union card for POS purchases in the U.S., however I can use this same card to withdraw funds from an ATM. Not sure why this is???
2.) Yes, you CAN use your Credit Card to withdraw cash from ATM machines. However, this is considered a "cash advance" and the interest rate is horrendous (charged from the moment you withdraw the cash)! What the FAQ was referring to is to pre-pay your credit card, so that you have a credit balance. Therefore, when you withdraw money it will be "your own" funds and not a loan from the Bank (ie: no interest should be charged). You will probably still have to pay a fee for each withdrawal though (the Banks don't normally let consumers escape from the dreaded "fees"). Since it costs them to set up the infrastructure between financial institutions in different countries so that we consumers have the convenience, perhaps some sort of fee isn't unreasonable.
3.) Yes, absolutely! It's a good idea to carry some money that is easily accessible so that one doesn't have to go into their Money Belt for each purchase. Try to keep your "working funds" in a reasonably secure yet accessible place (I'll leave you to figure out where to keep it).
Hope this helps. Happy travels!!!
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Post by euroman2006 on May 18, 2006 15:38:16 GMT -5
Yes,my friend (who is paying for some of the hostels) planned to have money in his account and then pay via his bank/atm/debit card at the hostel. I was just wondering if this kind of thing will work or he will have to withdraw the money from an ATM seperately (not sure if the question was phrased right the first time). Same thing for groceries.
The reason I ask is because I once read that they charge exorbant (sp) fees to access your checking account and stores over there, unlike here in the home country.
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Post by LHR02 on May 24, 2006 14:39:02 GMT -5
Over the past 4 years have traveled alot.....and used my debit exclusively. Both for ATM withdrawals and as a 'cc' card when making purchases. Have never been charged anything remotely 'exhorbitant'....in fact, have never that I can recall been charged anything on the European side of things. It's YOUR bank that may levy some hefty fees. That's why all on this board always urge you to shop around for the best bank for your needs. Some have large fees, others nothing at all.
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Post by LHR02 on May 24, 2006 14:45:00 GMT -5
Just read Eagles post....are there any debit cards left in the US that do not have Visa or MC logos? I haven't seen one in years. Your bank debit card will work just fine.....assuming it has said logo. I withdraw cash, pay hotels, meals, shops, whatever....it has never NOT worked in Europe. Withdrawing cash on a CC though is very expensive! Interest starts from the moment you insert it into the machine. Much much better to dump cash into your checking account and use that....no interst, it's your own money.
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Post by euroman2006 on May 24, 2006 15:56:06 GMT -5
Thanks for the replies, luckily my father (who knows people apparently. ) got me a backup DC that I plan to keep in my pouch whilst the other and my CC are in the wallet in my side pocket when I go over there. OTOH my friend apparently has a Mastercard that is both a CC and DC according to him. He also told me that his bank informed him that he could not withdraw from Spain at all! This does not make sense to me because this is a rather decently sized bank (Bankcorp south I think) and it just doesn't add up. Hopefully nothing unfortunate will happen to his card and/or ability to withdraw money from savings.
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Post by WillTravel on May 24, 2006 17:41:27 GMT -5
I also read on another forum of someone who couldn't withdraw cash from Spain ATMs - but could from everywhere else he tried. Just another reason to have a backup plan.
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Post by Kim on May 24, 2006 17:57:44 GMT -5
Same here Eagle, we are in Maui right now and I can't use my bank card to make direct purchases (as in pay at the cashier) but it's no problem at the actual machine. Weird.
I don't know if I've seen debit cards with a visa or mc logo here in Canada.
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